People 'do not read small print' when buying financial products

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The majority of people tend not to read the small print on policies when they buy financial products, according to an independent financial advice firm.

Jock Cassidy, who is a director of Ashley Law Limited, stated that it could be vital for people to take more time to examine policies, as cheaper plans may have fewer benefits than more expensive alternatives.

He added that reading the small print could have consequences when buying products like critical illness cover and private medical insurance.

"People tend to look at the top line and not the small print and, if you take critical illness cover as an example, some critical illness cover will have lesser benefits than others, but obviously the premiums are also lesser," he explained.

"It's the same with private medical insurance; the excess isn't whether it's on in-patients or out-patients cover; this will produce lower premiums."

Established in 1989, Ashley Law Limited provides advice on a number of financial issues including retirement planning and mortgages.

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